Iowa Department of Insurance and Financial Services

Iowa Department of Insurance and Financial Services

Address:

1963 Bell Avenue, Suite 100

Des Moines, Iowa 50315

Phone: (515) 654-6600

Domicile Overview

Iowa is a newer, but highly credible captive insurance domicile offering a stable, transparent, and efficient regulatory framework. Iowa has an extensive insurance heritage and ecosystem, largely built around the nearly 200 domestic insurance carriers located throughout our pro-business state.  A modern captive statute combined with tremendous insurance industry expertise, knowledgeable regulators, and reasonable captive taxes and fees makes Iowa a great destination for captives.

Our regulatory team is dedicated to captive insurance, ensuring new applicants and existing captives receive the attention they deserve.  We are consistent and responsive offering clear communication,  predictable processing timelines, and a collaborative relationship with captive owners and managers. The licensing process is straightforward, with decisions made by regulators who understand the purpose and mechanics of captive structures.

Permitted Structures

Iowa allows a broad range of captive types, including:

• Pure Captives
• Industrial Insured Captives
  • Risk Retention Groups
• Branch Captives
• Protected Cell Captives
• Special Purpose Captives
  • Group Captives
  • Agency Captives
  • Other Captives

Taxes and Fees

Iowa’s captive tax and fee structure is competitive and reasonable:

• Our minimum premium tax is $5,000 and our maximum premium tax is $100,000.
• No maximum premium tax is applicable to protected cell captives.

Application Licensing fee is $200

Annual Renewal Registration fee is $300

• These fees apply to each captive, each individual series of members of a limited liability company, and each protected cell.
• Outside legal, financial, and examination services may be utilized, and the reasonable cost may be charged to the applicant.

Minimum Capital and Surplus Requirements:

• Pure Captive: $250,000
• Industrial Insured Captive: $500,000
• Risk Retention Group ($500,000)
• Protected Cell Captive ($500,000)
• Branch Captive (depends on formational type of parent company)
• Special Purpose Captive (determined by Commissioner)

Key Advantages

• Dedicated captive regulatory staff within the Iowa Insurance Division
• Efficient licensing process with direct access to decision-makers
• Stable regulatory environment grounded in Iowa’s broader insurance infrastructure
• Competitive premium tax structure with a reasonable maximum tax
• Flexible corporate structures and governance options
• Strong legacy as a leading traditional insurance state

Ideal For

Iowa is a strong choice for organizations seeking a modern, responsive onshore domicile with an emphasis on regulatory clarity and long-term collaboration. It’s particularly well-suited for risk managers, finance professionals, and advisors seeking a practical, relationship-driven approach to captive oversight.

Functions/services:

• Captive Insurance Domicile
• Captive Regulator
  

Regions and/or countries:

• United States
  

Key Contacts

Jeff Wilson, ACI, CPCU, APIR, ARe

Captive Insurance Director

jeff.wilson@iid.iowa.gov

Jeff is the captive insurance director with the Iowa Department of Insurance and Financial Services. Prior to joining the department in 2024, he spent more than 25 years working for a regional property and casualty insurer based in Iowa. He holds a bachelor's degree in finance from the University of Northern Iowa and a master's degree in risk management and insurance from Florida State University. He has earned the Associate in Captive Insurance (ACI), Chartered Property Casualty Underwriter (CPCU), Associate Professional in Insurance Regulation (APIR), and Associate in Reinsurance (ARe) designations.

Cheryl Critelli, JD

Captive Insurance Legal Counsel

cheryl.critelli@iid.iowa.gov

Cheryl is the captive insurance legal counsel for the Iowa Insurance Division. She was a legal partner for more than 22 years at Fortune 100 company John Deere supporting the global Risk Management Department and John Deere Financial. John Deere has two captive insurance companies. Prior to John Deere, Cheryl was assistant vice president and legal counsel for Allied Insurance, preceding the Nationwide Mutual Insurance Company tender offer and $1.7 billion merger. She has a juris doctor (JD) degree from Drake Law School, master of business administration degree from Drake University, and bachelor of business administration degree from University of Iowa.

Justin Lee, CFA, CPA

Insurance Examiner III

justin.lee@iid.iowa.gov

Justin is an insurance examiner III with the Iowa Department of Insurance and Financial Services. Prior to joining the department in 2025, he held investment and financial analytics roles in both the insurance and private sectors, including positions as investment analytics and reporting manager at Sammons Financial Group Companies, as well as other regulatory and corporate finance roles. He holds a bachelor of business administration degree in accounting from the University of Iowa and a master’s in accountancy from Iowa State University. He is a Chartered Financial Analyst® (CFA) charterholder and a Certified Public Accountant (CPA).